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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Inheritance tax reduced on family homes - August 14, 2015
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Chancellor George Osborne used his 8 July Budget to announce a widely trailed measure to take more family homes out of inheritance tax (IHT). Mr Osborne said that IHT – levied at 40 per cent on estates worth more than £325,000 – was originally designed to be paid only by the very rich, adding: “Yet … Continue reading Inheritance tax reduced on family homes


Fears raised over tax debt ‘bank raid’ Bill - August 14, 2015
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Tax campaigners have raised concerns that safeguards for taxpayers from whose bank accounts HM Revenue & Customs (HMRC) wishes to directly take money are not “watertight”. The Summer Finance Bill 2015, published on 15 July, includes measures to give HMRC the power to seize money directly from the bank and building society accounts of tax … Continue reading Fears raised over tax debt ‘bank raid’ Bill


Rents set to rise as Budget hits landlords - August 14, 2015
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Almost two-third of landlords are considering raising rents as a result of summer Budget tax changes, research has found. In the summer Budget on 8 July, Chancellor George Osborne announced that mortgage interest relief for residential landlords would be restricted to the 20 per cent basic rate of income tax, phased in over four years … Continue reading Rents set to rise as Budget hits landlords


Self assessment warning over dividend changes - August 14, 2015
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Changes to the way dividend income is taxed could drag people on lower incomes into self assessment and have implications for incorporation, tax experts have warned. Under current arrangements, basic rate taxpayers pay no tax on dividends received. Higher and additional rate taxpayers pay rates of 25 per cent and 30.55 per cent respectively on … Continue reading Self assessment warning over dividend changes


HMRC collects an extra £11.9bn - August 14, 2015
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HM Revenue & Customs (HMRC) collected a record £517.7 billion in tax in 2014-15, £11.9 billion more than the previous year. The figures were included in HMRC’s Annual Report and Accounts for 2014-15, published on 16 July, which featured achievements including: securing and protecting a record £26.6 billion through tax compliance crackdowns prosecuting 1,289 cases, … Continue reading HMRC collects an extra £11.9bn


Woman jailed after HMRC spreads investigation net to IHT - July 6, 2015
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HM Revenue & Customs’ (HMRC) continuing crackdown on tax avoidance and evasion regularly hits the headlines. It is not just focusing its attention on complex tax schemes involving celebrity clients but is spreading its net far and wide, including in relation to inheritance tax (IHT). Following the death of her aunt in 2010, Theresa Bunn, … Continue reading Woman jailed after HMRC spreads investigation net to IHT


HMRC rings changes on helplines - July 6, 2015
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A major shake-up for HM Revenue & Customs (HMRC) helpline numbers took effect from 30 June. HMRC withdrew its 0845 numbers from that date and customers now need to use one of its 03 helplines instead. There are 132 of the 03 numbers, dealing with issues ranging from air passenger duty to VAT. HMRC said: … Continue reading HMRC rings changes on helplines


Women urged to act on tax savings - July 6, 2015
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New research has shown that women are less than half as likely as men to try and cut their unnecessary tax payments. Analysis carried out by Prudential and unbiased.co.uk found that only seven per cent of women took any steps to reduce their tax bill in the past year, compared with 19 per cent of men. … Continue reading Women urged to act on tax savings


Experts welcome more relaxed PAYE penalty regime - July 6, 2015
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Tax experts have welcomed an HM Revenue & Customs’ (HMRC) announcement that it will take a less rigid approach to penalties for employers who provide PAYE information late. HMRC announced on 17 June that rather than issuing late filing penalties automatically to employers whenever they missed a deadline for sending PAYE information, it would take … Continue reading Experts welcome more relaxed PAYE penalty regime


VAT guidance updated - July 6, 2015
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HM Revenue & Customs (HMRC) has updated its guidance on how to keep VAT records. The guidance, issued on 22 June, replaces the edition published in December 2007. As well as correcting out of date information, the publication includes new guidance on issuing VAT simplified invoices by businesses other than retailers. Topics covered in the … Continue reading VAT guidance updated


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